You may be wondering whether you need to purchase rideshare insurance in Texas, as this state has been a major market for rideshare services. Many people do not realize that their car insurance may not cover them when they are working for another company. Fortunately, rideshare insurance is relatively cheap and easily added to existing coverage. Listed below are some tips to get started. You can also read our insurance guide for more information. Getting insured is an important step in running your own rideshare business.
While Uber and Lyft provide certain levels of rideshare coverage, it is important to have additional coverage. Many insurance companies offer rideshare insurance in Texas as an add-on to your personal auto policy, but you can also get rideshare insurance from a separate insurer. Purchasing additional insurance for your rideshare service can significantly increase your coverage compared to other drivers. Though Uber and Lyft provide coverage for drivers, they only provide liability insurance if you are just waiting for a ride request.
It is important to note that rideshare insurance can vary in coverage. In some states, drivers are required to notify their insurers in order to receive rideshare insurance. Without notification, insurers may refuse to pay claims. When purchasing rideshare insurance, it is also important to be aware of your own personal auto insurance policy. The policy you choose should cover the specific needs of the rideshare business. A rideshare policy is generally cheaper than a personal auto insurance policy, but you should shop around for the best deal.
A rideshare insurance plan should be flexible enough to cover the various circumstances that could arise when working as a taxicab driver. The minimum insurance coverage required by Texas law is $25,000, whereas additional coverage may be needed. Many companies even offer rideshare insurance coverage if you take on a few extra jobs. As long as you're willing to accept the rideshare policy and adhere to it, you can enjoy a high quality service with low rates.
Farmers is a company that provides insurance for most gig economy drivers. Farmers' policy requires a personal car insurance policy, but you can get a rideshare endorsement from this company. Farmers offers a rental car option, but you'll need to make sure you check with your local agent if you plan to use it for rideshare companies. It's worth noting that Farmers is also a great choice for drivers looking for rideshare insurance in Texas, as the policy does not exclude those drivers with personal auto insurance.